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S&P rates Oregon Tool first-lien debt B-, notes CCC+
S&P said it assigned its B- issuer credit rating to OT Merger Corp., the parent of global saw chain manufacturer Oregon Tool Inc.
At the same time, S&P assigned its B- issue-level rating and 3 recovery rating to the company's proposed first-lien debt as well as its CCC+ issue-level rating and 5 recovery rating to the proposed senior unsecured notes.
The outlook is stable.
Platinum Equity LLC is acquiring OT Merger. The company is issuing debt to fund the transaction, which S&P Global Ratings expects will close in the fourth calendar quarter of 2021.
The proposed debt financing will consist of an undrawn $150 million asset-based lending facility (unrated) and $50 million revolving credit facility both due 2026, an $800 million first-lien term loan due 2028 and $350 million of senior unsecured notes due 2029, S&P said.
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